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  #4261 (permalink)  
Old 1st December 2008, 02:57 PM
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Default Re: MarketWatch

Quote:
Originally Posted by muranay@yahoo.com View Post
So many things are wrong with the present administration and it will continue to affect the market until ............. only God knows.

I regret to say that most of us in this forum are selfish, all we think is our self, our market, our money and more.

I wounder how you want your market to jump up with over 650 people killed in jos crises last week and their are fear all over the neighbor states.

how on earth do you think that FOREIGN INVESTORS will send their money to crises country like Nigeria.

The problem with our market is our country and its leadership. the company are given good results so far.

THE PROBLEM WITH OUR MARKET TODAY IS THE FEAR OF UNCERTAINTY.
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  #4262 (permalink)  
Old 1st December 2008, 03:06 PM
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Default Re: MarketWatch

Quote:
Originally Posted by zainabusman View Post
What is wrong with this market? It continues to defy logic. All stocks keep going down. Hmm.
Does this market continue to defy logic or are we missing the logic that is driving the market?
I suggest we conduct a survey (albeit an unscientific one) to determine why members and other users of this forum who have sold off their holdings/part of their holdings in the past 6 months did so.
The result of the survey might help us to unearth what is driving the market and we can then start to plot our ways out of the woods.
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  #4263 (permalink)  
Old 1st December 2008, 03:17 PM
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Default Re: MarketWatch

Quote:
Originally Posted by edunko View Post
I regret to say that most of us in this forum are selfish, all we think is our self, our market, our money and more.

I wounder how you want your market to jump up with over 650 people killed in jos crises last week and their are fear all over the neighbor states.

how on earth do you think that FOREIGN INVESTORS will send their money to crises country like Nigeria.

The problem with our market is our country and its leadership. the company are given good results so far.

THE PROBLEM WITH OUR MARKET TODAY IS THE FEAR OF UNCERTAINTY.
Some people might have sold their holdings at a loss to fund their holidays, buy household goods or invest in real estate/pay rent or whatever but my hypothesis is that deep somewhere in the recesses of our minds, we are all afraid and have been bailing from the NSE for fear of uncertainty connected with the uninspiring leadership of our dear country as asserted by Edunko. Let us pray for the dear departed souls of the Jos riots and for the strength to bear what is to come.
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  #4264 (permalink)  
Old 1st December 2008, 03:53 PM
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Default Re: MarketWatch

Quote:
Originally Posted by mosbe View Post
What are the market makers doing? Is this how they intend to "make" the market? Or they've not started yet?
Don't think they have started.
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"The one absolute requirement of a money manager is emotional maturity. If you don’t know who you are, the stock market is an expensive place to find out." - Adam Smith
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  #4265 (permalink)  
Old 1st December 2008, 04:37 PM
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Default Re: MarketWatch

Quote:
Originally Posted by kokoko View Post
Does this market continue to defy logic or are we missing the logic that is driving the market?
I suggest we conduct a survey (albeit an unscientific one) to determine why members and other users of this forum who have sold off their holdings/part of their holdings in the past 6 months did so.
The result of the survey might help us to unearth what is driving the market and we can then start to plot our ways out of the woods.
different people sell for different reasons but most sell base on fear and uncertainty
if you sell because you want to reduce your exposure, you want lock up profit or sell on news, they all fall under the category of fear.

everybody has an elastic limit or threshold limit, we can tolerate risk differently.

so if you conduct a survey, what you will see most is FEAR if people are sincere.
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  #4266 (permalink)  
Old 1st December 2008, 04:43 PM
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Default Re: MarketWatch

Quote:
Originally Posted by olusolakemmy View Post
different people sell for different reasons but most sell base on fear and uncertainty
if you sell because you want to reduce your exposure, you want lock up profit or sell on news, they all fall under the category of fear.

everybody has an elastic limit or threshold limit, we can tolerate risk differently.

so if you conduct a survey, what you will see most is FEAR if people are sincere.

In addition I can mention DESPERATION as the other reason.
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  #4267 (permalink)  
Old 1st December 2008, 06:54 PM
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Default Re: MarketWatch

Guys I Told You Guys To Wait Till December 24 At The Nadir Of This Crash, Buy At A Huge Discount And Sell Off In April/may At A Premium And Retire In Style.

Guys Traditionally Without The Speculators And Manipulators Of Recent Years December Is The Worst Month For Stocks And Then Factor In Eid-el-kabir With Christmas We Have Not Seen The Worst Yet Believe Me.
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  #4268 (permalink)  
Old 1st December 2008, 07:25 PM
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Default Re: MarketWatch

New meanings for old words in the investment worldShare

CASH FLOW-- The movement your money makes as it disappears down the toilet.

BULL MARKET -- A random market movement causing an investor to mistake himself for a financial genius.

VALUE INVESTING -- The art of buying low and selling lower.

P/E RATIO -- The percentage of investors wetting their pants as the market keeps crashing.

BROKER -- What my broker has made me.

STANDARD & POOR -- Your life in a nutshell.

STOCK ANALYST -- Idiot who just downgraded your stock.

STOCK SPLIT -- When your wife and her lawyer split your assets equally between themselves.

FINANCIAL PLANNER -- A guy whose phone has become disconnected.

MARKET CORRECTION -- The day after you buy stocks.

INSTITUTIONAL INVESTOR -- Past year investor who's now locked up in a nuthouse.

CEO -- Chief Embezzlement Officer.

CFO -- Corporate Fraud Officer.

PROFIT -- An archaic word no longer in use. Please check prehistoric dictionaries for proper definitions.

By Anonymous (that's someone's name now)

Happy December!!!

GUYS THIS SHOULD MAKE YOU LAUGH AS BLOOD IS LITERALLY BEING SHED ON THE FLOOR OF OUR STOCK EXCHANGE
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  #4269 (permalink)  
Old 1st December 2008, 08:23 PM
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Default Re: MarketWatch

The ASI decreased by abt 2.5%...
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  #4270 (permalink)  
Old 1st December 2008, 08:28 PM
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Default Re: MarketWatch

Quote:
Originally Posted by citizen View Post
New meanings for old words in the investment worldShare

CASH FLOW-- The movement your money makes as it disappears down the toilet.

BULL MARKET -- A random market movement causing an investor to mistake himself for a financial genius.

VALUE INVESTING -- The art of buying low and selling lower.

P/E RATIO -- The percentage of investors wetting their pants as the market keeps crashing.

BROKER -- What my broker has made me.

STANDARD & POOR -- Your life in a nutshell.

STOCK ANALYST -- Idiot who just downgraded your stock.

STOCK SPLIT -- When your wife and her lawyer split your assets equally between themselves.

FINANCIAL PLANNER -- A guy whose phone has become disconnected.

MARKET CORRECTION -- The day after you buy stocks.

INSTITUTIONAL INVESTOR -- Past year investor who's now locked up in a nuthouse.

CEO -- Chief Embezzlement Officer.

CFO -- Corporate Fraud Officer.

PROFIT -- An archaic word no longer in use. Please check prehistoric dictionaries for proper definitions.

By Anonymous (that's someone's name now)

Happy December!!!

GUYS THIS SHOULD MAKE YOU LAUGH AS BLOOD IS LITERALLY BEING SHED ON THE FLOOR OF OUR STOCK EXCHANGE
Nice one...
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  #4271 (permalink)  
Old 1st December 2008, 08:57 PM
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Default Re: MarketWatch

Quote:
Originally Posted by billions View Post
I dont blame the market makers ...i blame SEC that seems to be celebrating 3 market makers with less than enough money to move stocks in the insurance sector.

They shd wake up to the reality of the great strategic role that d banks will play in d recovery of the market.
Is this problem happening to our market alone or with other countries? If not ours alone then no much problem from my one point of view, but if ours alone, then I think madam madam gonna check her drawer very well.
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  #4272 (permalink)  
Old 2nd December 2008, 02:49 AM
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Default Re: MarketWatch

ISAN urges FG to cushion N400bn investors loss in NSE
Posted Monday, December 1, 2008

-urges FG on overhaul of industrial policy

PETER OBIORA

Proshare NI

November 27 2008 at 16:45 GMT

The Independent Shareholders Association of Nigerian (ISAN) has urged the Federal Government (FG) to cushion the estimated N400 billion investors’ loss in the Nation’s Capital Market by implementing policies that are friendly to domestic companies.

Sir Sunny Nwosu, National Coordinator, ISAN affirmed that government’s urgent intervention became imperative because the negative industrial policy makes vision 2020 unattainable.

He decried the gradual closure of quoted companies on the Floors of the Nigerian Stock Exchange (NSE). As ISAN urge the FG to overhaul its industrial policy and make domestic companies globally competitive.

“As shareholders, we are concerned because the gradual closure of companies, especially quoted companies and its implication for domestic investments and returns on investments (ROI), clearly challenge government economic vision,” Nwosu said.

Nwosu further affirmed that the current dismal national industrial policy has not only impacted negatively on operating companies and employees, but made wealth creation through the Capital Market near impossible.

The Shareholder Leader identified the subsisting problem of the nation’s tyre industries, especially the closure of Michelin Nigeria Plc and the near collapse of Dunlop Plc as a case study.

“Michelin lost about 3,000 Nigerian workers; Dunlop has relieved about 5,000 workers of their jobs due to the antigrowth national industrial policy. Nwosu said,

He also affirmed that Government’s nonchalant attitude to the predicament of manufacturing companies and the near zero duty on imported goods, has made the Nigerian economy and Nigerians uncompetitive globally.

“We are aware that when Dunlop went to the market to raise N8.0 billion to expand its truck tyre lines, duty on truck tyres was 50 percent; but government in a sudden twist reduced the duty to 10 percent without the attendant implication to national economy,” he said.

Nwosu confirmed that the worst of the issue which government had evaded over time was that many importers now use the 10 percent duty window for truck tyres to circumvent the law and render local plants redundant.

“He advised the government to urgently tackle the epileptic phase of the real sector, so that the other sub-sectors will soon not experience what the textile and the tyre industries passed through.


Nwosu affirmed that while the Association appreciates government effort at meeting the national infrastructural challenges, “recent government policies, especially fiscal duties show that there is a serious disconnect between the political class and bureaucrats that implement government agenda” he said.
__________________
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"The one absolute requirement of a money manager is emotional maturity. If you don’t know who you are, the stock market is an expensive place to find out." - Adam Smith
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  #4273 (permalink)  
Old 2nd December 2008, 02:50 AM
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Default Re: MarketWatch

SEC cautions on celebration of Market rebound
Posted Monday, December 1, 2008
-Says bearish trend unconnected with global financial crisis

PETER OBIORA

Proshare NI

December 01, 2008 at 09:35 GMT

Securities & Exchange Commission (SEC) has cautioned on the celebration of the recent rebound of the Nigerian Capital Market (NCM). Udoma Udo Udoma, Chairman of the Commission made this affirmation in Lagos Nigeria.

The Chairman who was represented by Sylvester Akele, Director Marketing Development & Research at the 2008 PEARL Awards affirmed that while it maybe too early to start celebrating the rebound of the Market, the events in the last few weeks are indicative of full recovery in a not too distant future.

“This will however only happen and be sustained if all concerned, including Operators and Regulators, choose to play according to the rules. Corporate Managers owe their shareholders not only an efficient management of resources; but also full and timely disclosure of pertinent information” Udoma said.

He reiterated that the Commission would not condone malpractices in the Market. “Organisations which chose to deceive the investing public or flout market rules will be appropriately sanctioned” he said.

Udoma further affirmed that the recent delisting of some companies’ from the Floors of the Nigerian Stock Exchange (NSE) should be instructive in this regard.

“The Commission will however continue to encourage the celebration of excellence in the Nation’s Stock Market through transparency and good corporate governance” he said.

In the same vein, Udoma confirmed that the bearish trend in the Local Market may not be directly triggered by the Global Financial Crisis, “the NCM can neither be altogether immune from nor insensitive to global economic developments” he said.

“There is therefore an urgent need, perhaps more than ever before, to make our Market more attractive to both local and international investors even as financial resources further become scarce across the globe” Udoma affirmed
__________________
“The market can remain irrational longer than you can remain solvent.” - John Maynard Keynes
"The one absolute requirement of a money manager is emotional maturity. If you don’t know who you are, the stock market is an expensive place to find out." - Adam Smith
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  #4274 (permalink)  
Old 2nd December 2008, 04:52 AM
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Default Re: International Investors Show Keen Interest In Nigerian Companies

Quote:
Originally Posted by iharry View Post
INTERNATIONAL INVESTORS SHOW KEEN INTEREST IN NIGERIAN COMPANIES AT RENAISSANCE/NSE LONDON ROAD-SHOW

Lagos - International investors from across the world today demonstrated the growing attraction of the Nigerian market when they attended the Renaissance Capital/NSE second annual road-show in London for private companies that intend to list on the Nigerian Stock Exchange in the near future.

With 20 Nigerian companies on show, the event at the Mandarin Oriental Hotel in London showcased the best of the Nigerian corporate world and demonstrated that international interest in the Nigerian investment opportunity is not limited to the more commonly highlighted financial services sector.

Roland Nash, Head of Research at Renaissance Capital said; "Nigeria is the most exciting market that the firm is operating in today, the potential I see and the excitement I get from investors is enormous. We believe that the market could grow from US$80 Billion today to US$350 Billion by 2012".

Giving the keynote address Wale Tinubu, Group CEO of Oando PLC said; "Our rapid growth would not have been possible without listing - that the is message we are here to communicate in London today." He added; "We have a fundamental opportunity to build an exchange that is representative of the Nigerian economy."

Host Andrew Cornthwaite, CEO of Renaissance Nigeria and Deputy CEO of Renaissance Capital said "There is more to Nigeria than just the banks. We have a wide range of companies here to showcase to the international investor community. Some are world class already, some are just start ups and some just need a little more mentoring."
I am learning from them too. Show Interest but don't Invest!
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Last edited by Michael; 2nd December 2008 at 05:12 AM.
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  #4275 (permalink)  
Old 2nd December 2008, 04:59 AM
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Default Re: MarketWatch

Quote:
Originally Posted by hispy99 View Post
Restrict inflow of hedge funds into capital market –Experts
By Agency reporter
Published: Monday, 1 Dec 2008

Financial experts have advised the Central Bank of Nigeria and the Nigerian Stock Exchange to restrict the inflow of portfolio investment and hedge funds into the capital market.

The Managing Director, Gidauniya Investment and Securities Limited, Mr. Aminu Dangana, in an interview with our correspondent during the induction organised by the Institute of Investment Management and Research on Friday, said allowing unrestricted inflow of portfolio investment and hedge funds would adversely affect the capital market.

He added that the current fall of stock prices was caused by greed and unethical practices, advising investors to be patient for a rebound of stock prices.

The Vice-President, Institute of Investment Management and Research, Mr. Moses Egbo, called on investment professionals to equip themselves with the right professional knowledge and expertise to remain relevant in the current global financial dynamics.

“I like to draw the attention of investment and financial professionals to the current rapidly growing and changing global economic environment. This poses a big challenge, which requires investment professionals to be up and doing in their career development process to achieve a sharp cutting edge for the needed global investment solutions.

“You will agree with me that the finance and investment decision making process is a very dynamic profession that has a direct relationship with the economy and is not based on static concepts. This, therefore, calls for investment in the continuous improvement of our professional skills, intellect and creativity,” Egbo said.

The Acting Director, Centre for Entrepreneurial Development, University of Benin, Dr. Patience Isenmila, said there was the need to be cautious in allowing portfolio investors.

She said, “We should be cautious because when they come and become major shareholders of our companies, they dictate what happens. And because they are foreigners, they will be more concerned and interested in the growth of their economies to the detriment of ours.”



Na Now be their Morning!
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  #4276 (permalink)  
Old 2nd December 2008, 05:00 AM
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Default Re: MarketWatch

Quote:
Originally Posted by citizen View Post
BRIEF EXAMPLES :- NUHU RIBADU, EL-RUFAI, OKONJO-IWEALA E.T.C. GUYS READ THIS:

Why foreign military intervention may be necessary in Nigeria– U.S. analysts
By JIDE BABALOLA
Published: Sunday, 30 Nov 2008
The United States’ National Intelligence Council has predicted a bleak future for Nigeria if certain identified indicators were not addressed before 2025. The council comprises analysts, academic and other experts in the U.S.

Presidency spokesman, Mr. Segun Adeniyi, refused to pick our correspondents call on Saturday and he did not respond to a text message on the issue.

Increase in the population of unemployed youths, growing availability of arms, climate change, declining agricultural production and religious extremism were seen as serious potential threats to Nigeria’s future peace and stability.

In a prognosis of Nigeria’s future contained in a 120-page report entitled “Global Trends 2025: A Transformed World”, they predict an increasing likelihood of foreign military intervention to end the Niger Delta crisis and stabilise oil exports.

Ethnic and political violence and criminal activity currently threaten a large portion of Nigeria’s oil production. State failure in the key energy producing country may require military intervention by outside powers to stabilise energy flows”, the report stated.
The observation is contained in part of the November 2008 document released by the NIC.

The report emphasised that serious internal conflict that was reminiscent of the Nigerian civil war “is not inconceivable” in Nigeria before 2025.

The report includes inputs from the Central Intelligence Agency and several other bodies that are active in analysing intelligence through networks that span the globe.

While the report also warned that the US’ dominance in world affairs would likely reduce as multi-polar power blocs comprising increasingly affluent countries such as India and China begin to assert more influence on global affairs.

For Nigeria, the document said threats of serious internal stability might result from long-existing but largely latent problems including religious extremism, youth unemployment, climate change and growing population.

“Unless employment conditions change dramatically in parlous youth-bulge states such as Afghanistan, Nigeria, Pakistan, and Yemen, these countries will remain ripe for continued instability and state failure…

“In those countries that are likely to struggle with youth bulges and weak economic underpinnings—such as Pakistan, Afghanistan, Nigeria, and Yemen—the radical Salafi trend of Islam is likely to gain traction. Types of conflict we have not seen for a while could re-emerge…


“The populations of already parlous youth bulge states—such as Afghanistan, Democratic Republic of Congo (DRC), Ethiopia, Nigeria, Pakistan, and Yemen—are projected to remain on rapid-growth trajectories. Pakistan’s and Nigeria’s populations are each projected to grow by about 55 million people…”

According to the authors of the report, rapid climate change and increasing rural-urban migration in Nigeria and 19 other countries will affect seriously agricultural production and “sows the seeds for social conflict”.

“The problem is that some of these are not small, geo-politically insignificant countries. Some—like Nigeria—we in the developed world rely on for needed resources.

“Because of the encroaching desertification in the north, the religious clash between Muslims and Christians is heating up. Another Biafra-like civil war—only this time along North-South lines—is not inconceivable,” it stated.

Predicting an increasing dominance of Islamic ideology in countries with Moslem population, the report expressed fears that radical Islamic beliefs of the Salafi doctrine would gain ascendance in Nigeria and other countries.

“In those countries that are likely to struggle with youth bulges and weak economic underpinnings—such as in Afghanistan, Nigeria, Pakistan, and Yemen—the radical Salafi trend is likely to gain traction…”

“The challenge of Islamic activism could produce a more intense backlash of Christian activism. Nigeria, Ethiopia, and other places in Africa will remain battlegrounds in this sectarian struggle,” the report added.

SHOULD WE BE MOVING OUR INVESTMENTS OUT OF NAIJA??????
Firstly, they were kind enough to imagine that we will still be existing as a country till 2025! Jim Rogers the renowd Investor and author doesn't think we will continue to exist much longer!

Secondly, Though I consider myself a christian, it upsets me when people try to paint the Islamic religion as a precursor to civil unrest.

Thirdly, Anybody that follows the news will tell you that the only thing that is directly proportional to violence is undevelopment or under-development. The more underdeveloped a people are the more violent they will become. It has nothing to do with religion. People lash out on anybody close by, when they cannot lash out at their governments.

Fourthly, they are already very quick to justify external Military Intervention for the purpose of stabilizing Oil supply (Not Prevention of Genocide or ethnic cleansing)! This seems like a mode of Invoking fear and sensitizing the world to the possibility of a staged (Stage-managed) encursion into Nigeria.

To benefit from the article one needs to seperate the grain from the chaff and also to ascertain the purpose of the writer(s) in making such assertions.
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  #4277 (permalink)  
Old 2nd December 2008, 05:02 AM
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Default Re: MarketWatch

Pencom’s Portfolio Not Eroded by Market Crisis ‘
From Kunle Aderinokun in Abuja

National Pension Commission (Pencom) said yesterday that its investment portfolio in the Nigerian capital market has not been significantly affected by the capital market crisis.
Director-General of Pencom, Mr. Muhammad Kabir Ahmad, who pointed this out during an interaction with journalists yesterday in Abuja, said the development only affacted returns on the investment but nothing significant to affect the portfolio.
“The returns were quite high in the equity market. They are compensating for the fixed income – whether money market instruments, Federal Government bonds and securities.
“The returns have been reducing, in view of the fact that, even the only 15 per cent of the portfolio that were invested but that 15 per cent, the returns were quite high compared with the fixed income, say treasury bills pegged at 10 per cent.
“So the impact has not been that significant on the portfolio but on the returns, of course, that has gone down,” he said.
Ahmad also said at the meeting that the accumulation of funds for long-term needs was only a secondary objective of the pension reforms. Rather, he stated, that the primary objective was to have a free-funded scheme.
According to him, investing the pension funds in infrastructure was not part of the primary objective for which the pension reform was established, even though, in other climes, such may obtain.
“The primary objective of the pension reform is to have a free-funded scheme . However if through that process, we are able to accumulate these funds, then that will be the secondary of providing long-term funds.
“As far as we are concerned, long-term funds for investment in infrastructure is a secondary objective.
“You cannot use your RSA to grant loans or to place collateral in other countries, they do that. But we cannot do that in Nigeria because credit risk is the biggest risk,” he said.
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Old 2nd December 2008, 05:04 AM
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Default Re: MarketWatch

Naira Crashes against Dollar at Inter-bank Market
•Sheds N1.11 at official market
By Ayodele Aminu, 12.02.2008


Barely five days after the Nigerian currency, the naira, recorded its first major depreciation (99 kobo) in the last three years at the inter-bank foreign exchange market, it continued its free fall yesterday, losing N7 against the United States dollar.
The naira, which had recorded relative stability over the last three years, also shed N1.11 against the dollar yesterday at the official market - the Wholesale Dutch Auction System (WDAS). It had last Wednesday depreciated by 4 kobo against the dollar.
The inter-bank foreign exchange market is where banks, on behalf of their customers, buy foreign exchange from one another to meet their daily needs, while the WDAS moderated by the Central Bank of Nigeria (CBN) is the official market where foreign exchange end users through their banks bid for foreign exchange.
The WDAS, introduced in February 2006 to bridge the gap between the official and black market, opens for trading twice a week – Mondays and Wednesdays.
The naira, which opened for trading at N117.79: $1 yesterday at the official market, closed at N119.50: $1, because the apex bank could not meet the demand of foreign exchange end users who demanded $1.3 billion out of which the apex bank supplied just $100 million.
This was also the case last Wednesday when banks demanded $1 billion but got $105 million, prompting the inter-bank market, which had opened at N118.51: $1 to depreciate to an all-year low at N120: $1, before retreating to N119.50: $1. This development had compelled the naira to lose 99 kobo against the dollar.
Further depreciation of the naira at the inter-bank market yesterday, according to market operators, was triggered by the development at the official market where the banking watchdog could not meet the demand.
Given these scenario, the naira, which opened for trading at the inter-bank market yesterday at N119.50: $1, depreciated to an all-year low at N126.50: $1, translating to N7 depreciation against the dollar.
With this development, the gap between the official and inter-bank markets, which coalesced with the liberalisation of the market in August last year, has now been widened by N7, giving room for arbitrage.
The banking watchdog has been rationalising the sale of dollars since Monday, last week, when it sold 30 per cent of demand and 10 per cent last Wednesday before selling 10.3 per cent yesterday.
Authorised foreign exchange dealers of banks who spoke with THISDAY yesterday said the inter-bank market, which usually closes by 4 pm daily, closed by 2 pm because the dollar had dried up in the market and there was nothing to trade.
“The Nigeria inter-bank foreign exchange market shut down today following lack of supply in the market, which was predicated by rationalisation of foreign exchange by the CBN. A key implication of this is that Nigerian banks may start defaulting on their obligations to offshore counterparts. It is therefore imperative that the CBN rescinds this decision and injects foreign currency into the market.
“Apart from negative ratings that these devaluation may attract, the stock market may witness further bearish trend as the offshore investors scramble to exit their positions,” said one the authorised forex dealers.
Commenting on the development, Managing Director, Financial Derivatives Company Limited, Mr. Bismarck Rewane, said it was a reality check because the dollar was no longer there.
“It is a reality check. It is an adjustment because the dollar is not there any more. The days of cheap dollar are gone forever. We are now facing the hard times. The earlier we accept it the better,” he said.
A top CBN official also linked the naira depreciation to happenings in the global market, where most the developed countries, especially United Kingdom (UK) and US have injected trillions of dollars to safe their financial markets.
“If you have been looking at the CBN’s foreign exchange demand profile in the last four months when the global finance crises began, you would notice that the three foreign banks in Nigeria (Stanbic IBTC Plc, Standard Chartered Bank and Citibank), which used to be the major source of foreign exchange inflow into the country have been having a tight inflow because of the global crises. These three banks have since then been making huge demands at the foreign exchange market because foreign investors in Nigeria are also divesting from the stock market. Hence, there is a lot of outflow,” a top official of the CBN told THISDAY.
All efforts to get an official explanation from the CBN proved abortive.
The decision of the CBN to rationalise sale of foreign exchange, according to market operators, was interpreted to mean that the CBN would encourage some devaluation and look to preserve foreign reserves.
“It also suggests that the currency could trade at N120: $1 by year end,” said one of the market operators.
Over the past four months, the apex bank had become by far the largest supplier of foreign exchange in the domestic market, controlling almost 90 per cent of total supply as against 10 per cent in the first quarter of the year.
Other supply sources especially foreign direct and portfolio investments: home remittances (Western Union etc) have since dried up as a result of the global liquidity and credit crises.
“Unfortunately, this dry up in supply is coming at a time when letters of credit established 120 days ago are now maturing and due to be paid especially when you consider that commodity prices were at their highest levels then.
“Given that the CBN is now rationalising the sale of dollars and is virtually impossible to restructure the maturing letters of credit with offshore counterparties due to the global crisis, banks then have to scramble for dollars thereby pushing up the prices,” said a market analyst told THISDAY.
Experts, however, insist that the dynamics are less dramatic than generally assumed internationally and the naira remains one of the most stable currencies in comparison with those of most sub-Sahara African countries.
The naira had strengthened from N128: $1 in early 2007 to N118: $1 at the end of 2007, and has remained at below N118: $1 since last January.
Nigeria’s exchange rate is a managed float, with the CBN having an important role in its determination.
Still, as noted in the International Monetary Fund (IMF) article IV published last February, the significance of the inter-bank market has become increasingly more relevant on the back of a rapid growth in supply of foreign exchange from sources other than the CBN in recent years, including portfolio investment, instruments to finance bank capital and inward remittances.
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  #4279 (permalink)  
Old 2nd December 2008, 05:05 AM
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Default Re: MarketWatch

Quote:
Originally Posted by edunko View Post
I regret to say that most of us in this forum are selfish, all we think is our self, our market, our money and more.

I wounder how you want your market to jump up with over 650 people killed in jos crises last week and their are fear all over the neighbor states.

how on earth do you think that FOREIGN INVESTORS will send their money to crises country like Nigeria.

The problem with our market is our country and its leadership. the company are given good results so far.

THE PROBLEM WITH OUR MARKET TODAY IS THE FEAR OF UNCERTAINTY.
Excellent Observation!
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  #4280 (permalink)  
Old 2nd December 2008, 05:10 AM
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Default Re: MarketWatch

Quote:
Originally Posted by citizen View Post
New meanings for old words in the investment worldShare

CASH FLOW-- The movement your money makes as it disappears down the toilet.

BULL MARKET -- A random market movement causing an investor to mistake himself for a financial genius.

VALUE INVESTING -- The art of buying low and selling lower.

P/E RATIO -- The percentage of investors wetting their pants as the market keeps crashing.

BROKER -- What my broker has made me.

STANDARD & POOR -- Your life in a nutshell.

STOCK ANALYST -- Idiot who just downgraded your stock.

STOCK SPLIT -- When your wife and her lawyer split your assets equally between themselves.

FINANCIAL PLANNER -- A guy whose phone has become disconnected.

MARKET CORRECTION -- The day after you buy stocks.

INSTITUTIONAL INVESTOR -- Past year investor who's now locked up in a nuthouse.

CEO -- Chief Embezzlement Officer.

CFO -- Corporate Fraud Officer.

PROFIT -- An archaic word no longer in use. Please check prehistoric dictionaries for proper definitions.

By Anonymous (that's someone's name now)

Happy December!!!

GUYS THIS SHOULD MAKE YOU LAUGH AS BLOOD IS LITERALLY BEING SHED ON THE FLOOR OF OUR STOCK EXCHANGE
God Bless You, Members of this Forum are too serious. I need to Laugh more to prevent a heart attack !
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